Tag Archives: eligible contract participant

2015 CFTC Regulatory Agenda

As 2015 is now underway, we wanted to highlight some of the potential regulatory developments from the CFTC that may arise in the new year. Overall we expect 2015 to be a year of continued CFTC implementation of the Dodd-Frank rules and related "tweaks" to those rules to address the concerns of end-users and market participants.… Continue Reading

6 Months Later, Lenders Continue to Address ECP Issues

Thanks to author Abbey Mansfield, who originally posted the piece at The Lending Law Report on October 10th.  In the posting, Abbey discusses ECP qualification and market trends from the perspective of a lending lawyer.  The full posting is available here. Good day.  Good posting – thanks Abbey. TSR  … Continue Reading

A Swap Guarantor Must Be An ECP: CFTC OGC Letter No. 12-17

Section 2(e) of the Commodity Exchange Act requires every swap counterparty to be an eligible contract participant ("ECP").  In CFTC OGC Letter No. 12-17, the CFTC Office of General Counsel stated that it interprets section 2(e) to require each guarantor of a swap to be an ECP.  In other words, as a general rule, a non-ECP can … Continue Reading

Announcement: A Multi-Part Series on Key Dodd-Frank Definitions: Swap Dealer, Major Swap Participant, Eligible Contract Participant

We are delighted to announce an upcoming multi-part series of postings that relate to the final rules for the definitions of swap dealer, security-based swap dealer, major swap participant, major security-based swap participant, and eligible contract participant. Structurally, this series will consist of 22 postings, organized as follows: General Topic Specific Subject Matter of Posting Swap … Continue Reading

PART 4: The Joint SEC / CFTC Proposal of December 7th – Refinements to the Eligible Contract Participant Definition

This is the fourth of a multi-part series on a December 7th rule proposal by the SEC and CFTC (the “Regulators”) to further define several key terms in Title VII of Dodd-Frank: swap dealer, security-based swap dealer, swap participant, major security-based swap participant, and eligible contract participant. In this posting, we ruminate regarding the Regulators’ rule proposal in … Continue Reading

PART 1: Am I a swap dealer? (The SEC/CFTC Definition of Swap Dealer and Security-Based Swap Dealer)

This is the first of a multi-part series on a December 7th rule proposal by the SEC and CFTC (the "Regulators") to further define several key terms in Title VII of Dodd-Frank: swap dealer, security-based swap dealer, swap participant, major security-based swap participant, and eligible contract participant. In this posting, we ruminate regarding the Regulators rule proposal … Continue Reading

Announcement: Multi-Part Series on recent Joint SEC-CFTC Rule Proposal to Define Dealer, Major Participant and Eligible Contract Participant

Over the next several days, we will issuing a series of postings on the joint SEC/CFTC rule proposal released on December 7th and available here. PURPOSE OF THE PROPOSED RULES The purpose of the December 7th proposal was to further define key terms under Title VII of Dodd-Frank: swap dealer, security-based swap dealer, major swap participant, major … Continue Reading
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